About a century ago, goods were paid for through a means called trade by batter, a phenomenon where commodities were exchanged for another.
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With time, means of payment has evolved from phases to phases. At a stage, we were so proud of purchasing goods with cash and not through the former means. Now, a couple of geniuses are at the forefront of transformation trade into a completely cashless economy.
Many cashless payment means have surfaced in no time, we have the Visa and Mastercard, PayPal, Apple Pay and Alipay, we discovered that even with just a mobile phone we could purchase any good we need without visiting a shop. As we go through this phase, a lot of infrastructures are being developed to sustain, facilitate and enhance this new transformation.
Fintechs are providing high innovation, collaboration and competition into the payments arena alongside broader financial services. The government and central bank have rigorously researched digital currencies. They have countlessly done research on it’s significant potentials including fast transactions speed, optimum security and easy access to payments.
These factors are not yet to be provided by the centralized banking system. It’s far from being added soon.
There is however, some problems encountered in the transition of age-old reliance into the new technological payment gateway in the developing world. It is therefore wise that all innovations and infrastructures in payments provide accessibility, affordability and inclusion for those on the periphery of the financial and payments infrastructure.
New, non-traditional payment entities will surface as systemically important components of the financial system. Hence, Regulators need to keep track of these innovations. Proactive central banks and regulators, keen to harness the benefits of payments innovation without undue policy risks, engage more with industry.
Conclusively, technology has really helped the universe evolve into a better place for all, we can acknowledge that life has become easier and less of a stress with all these innovations. The new payment means are really great innovations and one more step to making life easier, let’s enjoy the ride as we source for more intriguing innovations.
About the Algorand Foundation
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology.
The Foundation, in partnership with Algorand Inc, has built the Algorand blockchain protocol — initially designed by cryptography pioneer and Turing award winner Silvio Micali and a team of leading scientists — as the cornerstone of achieving this vision.
The Foundation envisions a wide breadth of applications being built on this protocol by a new, wider community of mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner by utilizing the Proof of Stake consensus algorithm.
About Algorand Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products.
This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
Written By Yusuf Muhammad— Algorand Ambassador